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Title: Question about paypal; If I deposit cash from paypal account to my bank account Post by: SirPoopAlot on April 06, 2013, 03:40:19 AM I buy and/sell items online and I want to deposit my earnings in my bank account. I can deposit around 1-1.5k per month. Will my bank which is located in the U.S. care about this? Are there issues that I am not addressing that can bite me in the ass later on.
Title: Re: Question about paypal; If I deposit cash from paypal account to my bank account Post by: kennerd on April 06, 2013, 03:47:18 AM Moving funds from Paypal to a bank account is a routine thing, I don't see how it can be an issue.
Title: Re: Question about paypal; If I deposit cash from paypal account to my bank account Post by: biged214 on April 06, 2013, 04:28:13 AM If you want to buy BTC with paypal or US bank then that will most likely not happen.
Title: Re: Question about paypal; If I deposit cash from paypal account to my bank account Post by: DeathAndTaxes on April 06, 2013, 04:41:20 AM We move about a lot more than that (in the other direction) and never had a problem. Both your bank and PayPal are KYC/AML compliant institutions. Usually the areas of concern are the movement of funds in or out of a KYC/AML institution (i.e. depositing $30,000 cash, wiring funds out to an account under another name on a terror watch list, writing a lot of checks in name "Cash", etc).
Your PayPal account (in your name and verified by PayPal) <---> Your Bank Account (in your name) "shouldn't"* be an issue. * Full disclaimer on a long enough timeline the banks will make a liar out of everyone. Anything could happen but it should be low risk. Title: Re: Question about paypal; If I deposit cash from paypal account to my bank account Post by: SirPoopAlot on April 06, 2013, 05:16:27 AM What about taxation related to my earnings. My profit comes from virtual goods; am I suppose to pay any taxes.
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